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Originally posted by Hf1998
[br]Hi I am currently in the process of settling my trust deed early the trustee has written to my creditors and are waiting on 2 creditors getting back to them with correct figures of debt. I have since found out through letters I have received from the 2 creditors that they have sold the debt onto other debt recovery companies. Why have the creditors been able to do this if I entered the trust deeed 8 months ago? Thanks in advance for any information.

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Hi HF1998,

This is standard practice by creditors and happens all the time.

Creditors will for example sell your debt for a couple of pence in the £ with the creditor buying the debt hoping to receive more money back from the Trust Deed than they paid for the debt.

It's nothing that you need to worry about. Your Trustee will simply contact the new creditor and ask them what they calculate the balance to be and then adjudicate on this to ensure its correct.

Hope this helps.

Thanks for your reply David